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A Chit Fund Scheme By KSFE Will Be Inaugurated By CM In UAE Next Month

Programme enables person who joins to complete every process online

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A Chit Fund Scheme By KSFE Will Be Inaugurated By CM In UAE Next Month
A Chit Fund Scheme By KSFE Will Be Inaugurated By CM In UAE Next Month, flickr

The Kerala government’s dream programme to raise money from its diaspora through “chitties”, or a chit fund scheme launched by state-run Kerala State Financial Enterprise (KSFE), will be inaugurated by Chief Minister Pinarayi Vijayan in UAE next month, Finance Minister Thomas Issac said on Monday.

In an interaction with editors of the Kerala media, he said all the requisite permissions have been obtained from all authorities.

“This programme was initiated by the previous UDF government and the permission to go ahead came at its fag end. After we came to power, we took this forward and all permissions and sanctions are ready and all those diaspora who wish to participate in it can join,” said Issac.

“On June 12, Vijayan will launch the registration process and all those who wish to enter the scheme can register in the KSFE site. Once Vijayan launches the programme in UAE, next month, the chitty scheme will be open,” he added.

Coins
Coins, Pixabay

KSFE Chairman Philipose Thomas said to start with, those who wish to participate can contribute monthly as low as Rs 3,000 to a high of Rs 25,000.

“The duration of the chitty given the nature of the job scenario in the Middle East is kept from a minimum of 30 months to a maximum of 60 months. Once a diaspora member joins he can pay the monthly contribution through his non-resident ordinary account and at the end of the chitty term, the payment will be made to his non-resident ordinary account,” he said.

“The programme enables each person who joins the chitty to complete every process online, which includes even bidding, and at the end of the period, the money will be credited into their bank account. Every aspect of the online process has been tested,” said Unni Krishnan who heads the technology division of the chitty scheme.

The entire programme is being handled by the Kerala Infrastructure Investment Fund Board, a government-owned financial institution meant to mobilize funds for infrastructure development outside state revenue.

Its Chief Executive K.M. Abraham, who is a former state Chief Secretary, said that no one needs to donate anything, but only to join a chitty where the money collected will be deposited in bonds and used for the state’s development needs.

“At the end of the chitty, it’s a win-win situation for both the person who joined the chitty and for the state government,” he added.

Kerala CM, Pinarayi Vijayan with PM Narendra Modi
Kerala CM, Pinarayi Vijayan with PM Narendra Modi, flickr

Also read: Reliance home finance celebrates 46 growth in income

According to the latest study report on the diaspora, 90 per cent of 23.63 lakh Keralites aboard are in the various Middle East countries, of which UAE accounts for 38.7 per cent, followed by Saudi Arabia with 25.2 per cent. (IANS)

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UAE Expats Worry Over Resurfacing of Nipah Virus in Kerala

A total of 311 people from Thrissur, Paravur in Ernakulam district, and Thodupuzha in Idukki were also under observation

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UAE, Expats, Nipah Virus, Kerala
A fruit and vegetable vendor in the UAE, on the other hand, decided to stop importing produce from Kerala until the scare subsides. VOA

UAE-based Malayalis have expressed concern for their loved ones back home, as a Kerala youth tested positive for the Nipah virus, leading to a number of traders and travellers taking precautionary measures, the media reported.

Besides a Kerala youth being treated for testing positive for the Nipah virus (NiV), state Health Minister K.K. Shailaja on Wednesday revealed that three nurses who treated him, a friend and another person have been kept in isolation.

A total of 311 people from Thrissur, Paravur in Ernakulam district, and Thodupuzha in Idukki were also under observation.

Sharjah resident Sridevi Rajendran, who is from the same town as the infected victim, told the Khaleej Times: “He was in the same school as my son. We are very worried about the situation back home, and my son is there as well. Since there is no clarity as to where the virus has originated, people are generally tensed.”

UAE, Expats, Nipah Virus, Kerala
UAE-based Malayalis have expressed concern for their loved ones back home. Wikimedia Commons

The Nipah virus is transmitted from animals to humans; through contaminated food; or directly between people. It infects a wide range of animals and causes severe disease and death in people, making it a public health concern, according to the World Health Organisation (WHO).

In 2018, a Nipah scare resulted in a temporary ban on Kerala fruits and vegetables in the United Arab Emirates, and a travel advisory to the South Indian state was also issued.

A fruit and vegetable vendor in the UAE, on the other hand, decided to stop importing produce from Kerala until the scare subsides. However, no official ban has been implemented yet.

“We have temporarily stopped the import of fruits and vegetables from Kerala, which make up 25 per cent of our total produce,” said PC Kabeer, founder and CEO of FarmChimp, a company that sells source-traceable produce.

Also Read- India: Prime Minister Forms Two Cabinet panels to Spur Investment and Employment

Kerala-bound travellers told the Khaleej Times that their trips would go as planned, but they would be taking “extra precaution”.

Marketing professional Anand Rajiv, who is flying to Kochi, said: “As long as I am not having local water or food from outside, I should be okay. Of course, I am worried about my health as it is not a joke.” (IANS)